Madrid, Spain [RenewableEnergyWorld.com] Fotowatio has agreed to purchase the U.S. solar power assets of MMA Renewable Ventures, a wholly owned subsidiary of Municipal Mortgage & Equity LLC. The acquisition includes the country’s largest solar photovoltaic installation at Nellis Air Force base.
Upon completion of the sale, Fotowatio’s U.S. business unit, Fotowatio Renewable Ventures, will be one of the largest solar development companies in the United States in terms of megawatts in operation. Fotowatio will own 35 megawatts (MW) of solar projects in operation and more than 400 MW in development in the United States.
In addition to the 14-MW project at Nellis Air Force base in Nevada, the U.S.-wide portfolio will include the solar array at Denver International Airport, one of the world’s largest thin film solar installations using CIGS technology in Arizona, solar panels on the roofs of Colorado parking garages and solar arrays that power a California rice farm.
“This acquisition will significantly expand Fotowatio’s portfolio, allowing us to meet our aggressive growth targets earlier than anticipated,” said Rafael Benjumea, CEO of Fotowatio. “With the addition of MMA’s assets and talented development team, we will be poised to expand in fast-growing markets in the United States, Spain and Italy.”
Fotowatio has invested more than US $880 million in solar projects since 2006 and plans to invest up to $3.2 billion by 2012 in Spain, Italy and the United States. Following completion of the acquisition of MMA Renewable Ventures, Fotowatio’s global portfolio will include more than 130 MW of operating solar projects in the United States and Spain and more than 1,000 MW under development across the United States, Spain and Italy.
Fotowatio’s U.S. business unit will focus exclusively on the development of commercial- and utility-scale solar projects. As an independent solar power producer, Fotowatio Renewable Ventures will develop, own and operate solar power plants and provide clean electricity to its customers under long-term contracts.
Fotowatio’s purchase of MMA Renewable Ventures’ solar platform is its third in the past seven months. In January 2009, Fotowatio acquired a 6.3 MW solar project in Spain from Solaria. In September 2008, Fotowatio acquired four solar photovoltaic power plants producing 32 megawatts in Spain from Corporación Gestamp. Fotowatio’s shareholders include Qualitas Venture Capital (33.5%), GE Energy Financial Services (32%), Grupo Corporativo Landon (17.5%) and the management team (17%).